# Market Assessment

## NFTs Market Size and Growth

* The global NFT market was valued at **$20.44 billion** in **2022**, emphasizing its current presence and potential.
* **Future Growth:** 
  * The global NFT market is expected to grow at a **compound annual growth rate** (CAGR) of **34.2%** from **2023** to **2030**. 
  * NFT market revenue is **expected** to reach **$1.601 billion**.
  * Revenue is expected to exhibit an **annual growth rate** of **18.55%** (CAGR 2023-2027) through **2023**, with total revenue expected to reach **$3.162 billion** by **2027**.
  * The average revenue per user in the NFT market **2023** is **$114.8**.

### Growth Drivers

This growth is driven by a variety of factors, including:

* Growing interest in digital art and collectibles
* Cryptocurrency and blockchain technology are growing in popularity
* Celebrities and other influencers increasingly adopt NFTs
* Expand use cases for NFTs beyond digital collectibles, such as gaming, real estate, and event ticketing

## Discussion on CRAFT-I in The Cambodian Market.

* **Partnering with Cambodian MSMEs:** CRAFT-I can partner with Cambodian MSMEs to create and sell unique NFTs.
* **Partnering with Cambodian businesses and organizations:** CRAFT-I can partner with Cambodian businesses and organizations to promote its platform and reach more Cambodian MSMEs.
* **Web 3.0 education for Cambodian MSMEs:** CRAFT-I can provide Cambodian MSMEs with education and training on Web 3.0 technology and how CRAFT-I platform helps them.

**CRAFT-I** has the potential to revolutionize Cambodia’s SME industry. By providing Cambodian MSMEs with opportunities to reach a global audience and ensuring transparency and provenance, **CRAFT-I** can help Cambodian MSMEs earn a fair living and promote Cambodian products to the world.